Generali ups stake in Indian life unit as it targets ‘high potential market’
Global insurance group Generali has increased its stake in its Indian life unit Future Generali India Life (FGIL) to around 68% on purchase of a fellow shareholder’s full 16% stake and could yet boost its grip to 71% by end-2022.
Generali justifies the deal with reference to its ‘Lifetime Partner 24: Driving Growth’ strategy designed to “strengthen Generali’s position in fast-growing markets,” management said.
Jaime Anchústegui Melgarejo (pictured), CEO International of Generali, said: “This acquisition is in line with Generali’s strategy to reinforce its position in a high potential market and we look forward to deepening our presence in India, becoming Lifetime Partners to an increasing share of Indian customers.”
Rob Leonardi, Regional Officer, Generali Asia, said: “We’re excited that we are now able to consolidate our position in our Life Indian insurance JV and to create more value for our customers, agents, partners and distributors.”
Generali completed the pre-announced deal for the full 16% stake held by Industrial Investment Trust Limited (IITL) following regulatory approval.
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